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Today in the Market (5/14/2024)

Good Morning! On Tuesday, meme stocks had a significant increase in value, while the U.S. equities market as a whole ended the trading day with gains. The NASDAQ hit a new record by increasing by 0.75%, while the S&P 500 followed with a gain of 0.48%, and the Dow Jones rose by 0.32%.

GOOGLE ISN'T STOPPING

Google (GOOG, GOOGL) announced significant updates to its Search product, including generative AI capabilities to provide more comprehensive and straightforward responses to user searches. The corporation will introduce its generative AI upgrades to users in the U.S., and by the conclusion of the year, it will reach over a billion individuals globally.

So what are these changes? As part of Google’s I/O developer conference, the announcement introduces a redesigned Search interface powered by AI technology called AI Overview. The functionality offers a concise, AI-generated response to search queries, together with a set of hyperlinks to the referenced sites. Also, Google is currently developing the ability to provide more advanced responses via an upgrade in Search Labs

Is Google worried about Chat GPT? Well, there are ongoing rumors that OpenAI, the creator of ChatGPT, is now developing its own search service. OpenAI attracted attention on Monday by showcasing the newest advancements of GPT-4o, which include enhanced translation skills. However, Bing, which uses OpenAI’s GPT-4, has been unable to significantly impact Google’s market dominance.

DON'T DO THIS!

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Airlines in the U.S. are filing a lawsuit to prevent the Biden administration from implementing a rule that would mandate more openness on the costs imposed on passengers. The airlines argue that this new regulation would overwhelm customers with excessive information during the ticket-purchasing procedure, leading to confusion.

So who is in the fight? The lawsuit was filed against the Transportation Department in a federal appeals court by American (AAL), Delta (DAL), United (UAL), and three other airlines, together with their industry trade association. The lawsuit asked the court to overturn the regulation. One reason is that according to the airlines, the government has not shown that individual customers are unable to get information about fees.

However, one airline isn’t joining! Among the six largest airlines in the U.S., Southwest Airlines (LUV) was the only one that did not participate in the legal challenge. Southwest Airlines has said that the regulation would have little to no impact on the company since it allows customers to check two bags for free and has never charged additional costs for modifying or canceling bookings.

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